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Highlight[s] that political fundraising is a good place to be
uncompromising. There’s no sense in “staying home” on Election Day or
casting protest votes for can’t-win candidates. You look at the two
candidates with the best chance for winning and you
vote—enthusiastically—for the better of the two candidates. But money is
different.

In the aftermath of Tuesday's primary battles, that seems rather apparent. But I'd like to dig a little deeper, because I think Matt hits on something in his post that's central to political fundraising, and particularly pertinent right now:

The world of high-dollar fundraising is about donors making wagers. If you're the sort of person who can afford to drop $4,800 on a number of federal campaigns, you're more interested in the access you'll get to the candidate if they win. It's transactional–the donor is betting that money now will result in access later. As an aside, let me note that in order for that gamble to make sense, the candidate has to be both "viable" and receptive to your position.

Grassroots fundraising is a bit different. I'm fond of saying that ActBlue was the platform that figured out how to monetize Democratic passion, and that captures the essential point. Grassroots donors give because they're passionate. What exactly they're passionate about is hard to say–hundreds of thousands of donors have given through ActBlue, with motivations as various as they are.

But the general point is this: high-dollar donors are making a calculation, while grassroots donors are expressing themselves.

That distinction has important implications for campaigns. Passion generates important external benefits, or spillover effects. A grassroots donor has invested in the campaign in a very real way, and that
predisposes them to participate in the future. A donor who gives to a campaign is more likely to volunteer or vote for the candidate in question, and more likely to give again. In short, they become engaged in a way they weren't before.

Passion produces engagement, and engagement produces viability. The fact that the Halter and Sestak campaigns worked to connect with grassroots donors and amassed significant funds as a result is not a triviality. Running against an establishment candidate usually results in a financial chokehold, but the money that Sestak received from grassroots donors made it possible for him to stay in race and fund the devastating ads that led to Specter's defeat. A similar set of circumstances applies in Halter's race.

Obviously the interconnections here are vast and complex, and we can argue all day about the value of a dollar or a donor in a given race versus an endorsement or press hit. But I think it's pretty inarguable that the rise of online grassroots fundraising has broadened political participation and, as a result, the spectrum of viable candidates. More voter participation and voter choice are unquestionably good things.

Finally, In a more self-interested vein, I'd like to echo Matt's last point:

You’re only going to give so much money away in a year, and you might as
well hold out for politicians or political organizations … who are really doing a good job.